The Wall Street Journal reports, “Dozens of cities and counties around the country, from Sarasota, Fla., to Boulder, Colo., lost a total of $1.7 billion when Lehman Brothers went under, because they held Lehman bonds or other securities. San Mateo County’s loss was the biggest of any municipality.”
“San Mateo saw $155 million evaporate when Lehman Brothers went bankrupt in September 2008. On top of deep budget cuts brought on by California’s fiscal crisis, the loss on Lehman securities means San Mateo’s 735,000 residents are taking a hit.”
Read the full article here.